• Dec 3, 2023


Research Summary

The report discusses various developments in the cryptocurrency space, including MicroStrategy’s purchase of more Bitcoin, Illuvium’s partnership with Team Liquid, ParaX’s rebranding to Parallel Finance, and Sony’s move into digital assets. It also covers KyberSwap’s response to an exploiter, Blast’s slippage issue, StakeWise V3’s launch, and Binance’s pilot of a banking triparty agreement. Other topics include Polygon’s partnership with DraftKings, Sei’s support for EVM, dYdX’s social mitigation strategy, and Wormhole’s funding round.

Key Takeaways

MicroStrategy’s Continued Bitcoin Investment

  • MicroStrategy’s Bitcoin Acquisition: The report reveals that MicroStrategy, led by Michael Saylor, has purchased an additional 16,130 Bitcoin at an average price of $36,785, totaling $593.3 million. This acquisition brings the firm’s total Bitcoin holdings to 174,530 Bitcoin at an average price of $30,252 per coin. The company is also considering raising $750 million through the sale of class A common stock.

Illuvium’s Partnership with Team Liquid

  • Illuvium’s eSports Collaboration: Illuvium is partnering with eSports organization Team Liquid to release themed NFTs and advise on the development of games in the Illuvium ecosystem and their eSports scene. This partnership could potentially boost Illuvium’s presence in the eSports industry and increase the value of its NFTs.

ParaX’s Rebranding and Funding

  • ParaX’s New Identity and Funding: ParaX has rebranded to Parallel Finance and announced a $30 million raise from Sequoia, Polychain, Blockchain Capital, Coinbase Ventures, and others. Parallel Finance aims to be a “DeFi super app” by unifying lending, staking, trading, and more. This rebranding and funding could potentially enhance Parallel Finance’s position in the DeFi space.

Sony’s Move into Digital Assets

  • Sony’s Digital Asset Patent: Sony has filed a patent that would enable players on their Playstation console to transfer digital assets to each other through blockchain technology. This move could potentially revolutionize the gaming industry by integrating blockchain technology and digital assets into mainstream gaming platforms.

Wormhole’s Funding Round

  • Wormhole’s Capital Raise: Wormhole has raised $225 million at a $2.5 billion valuation in a funding round that saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading, among others. Wormhole is an interoperability protocol that offers cross-chain bridging and messaging. The funding will likely be used to further develop the Wormhole protocol.

Actionable Insights

  • Monitor MicroStrategy’s Bitcoin Investment: Keep an eye on MicroStrategy’s continued investment in Bitcoin as it could potentially influence the market dynamics of Bitcoin.
  • Research Illuvium’s Partnership with Team Liquid: Look into Illuvium’s partnership with Team Liquid and its potential impact on the eSports industry and the value of Illuvium’s NFTs.
  • Investigate Parallel Finance’s Rebranding and Funding: Explore the implications of Parallel Finance’s rebranding and funding on its position in the DeFi space.
  • Examine Sony’s Digital Asset Patent: Study Sony’s patent for transferring digital assets through blockchain technology and its potential impact on the gaming industry.
  • Assess Wormhole’s Funding Round: Evaluate the potential impact of Wormhole’s funding round on the development of its interoperability protocol.

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